Technology and Accounting (continued)
For those of you with busier practices, you should consider one of the integrated systems created to address the needs of the legal market. Such accounting software feature general accounting systems, and can incorporate conflict checking, calendaring (bring forward systems) and management reports specific to lawyers and law offices.
Ideally your system should also handle all necessary deductions and filings, including HST, income tax, Canada Pension Plan (CPP), Employment Insurance (EI), and workers’ compensation.
Before settling on your new accounting system, consider consulting with an accountant or skilled bookkeeper. Each year you, or your firm on your behalf, must make a Trust Report filing. If your proposed system cannot fulfil the filing requirements, you may incur additional accounting or bookkeeping fees in the long term.